Crude Oil Movement
Crude Oil prices declined 2.63% against the USD for the 24 hour period ending 23:00GMT, closing at 34.84, amid persistent global supply glut concerns.
Separately, the world’s biggest oil producers in OPEC predicted limited chances for an oil price rise in 2016, thus further adding to the bearish sentiment.
In the Asian session, at GMT0400, the pair is trading at 34.81, with the oil trading 0.09% lower from yesterday’s close.
The pair is expected to find support at 34.38, and a fall through could take it to the next support level of 33.95. The pair is expected to find its first resistance at 35.49, and a rise through could take it to the next resistance level of 36.17.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
